Market Research
Turkey has a very young population compare with other European countries. The 20-64 age group currently equals 37 million (about 58% of the population) and the number is expected to reach 52 million (61%) by 2020. Combined with the strong growth of the GDP per capita, this means that there is growing demand in housing market, both for first homes in the city centres and holiday homes in coastal regions.
Three major metropolitan cities have 36% of total residential stock: Istanbul (19%), Ankara (9%) and Izmir (8%). Antalya and Mugla (including Bodrum) which are very attractive regions for the holiday home market had the highest growth rates with 278% and 243% in the latest housing count in 2000.
When you compare the price of property in Turkey's main resorts to similar property in Spain you are looking at a difference of up to GBP 750,000. Property prices in Turkey are reasonable but have massive potential to increase thus offering the property investor an extremely attractive opportunity for profit.
The Turkish economy is rapidly improving and Turkey has begun EU accession talks. Inward foreign direct investment into many sectors including the real estate sector has begun in earnest as a direct result and this is increasing domestic purchasing power and naturally inflating GDP.
Resorts like Bodrum in Turkey are becoming more fashionable, more desirable and better known; they are becoming increasingly popular with European celebrities which pushes up their general desirability. The rental season in southern Turkish resorts is far longer than similarly popular resorts in Spain meaning that property prices are going up, demand is increasing, rental rates chargeable are on the rise and an investor can really only profit from any sensible investment made into property in Bodrum and other resorts like it in Turkey.
These factors and many more have secured the appeal of Turkey for property buyers, and the nation's natural beauty, rich cultural heritage and stunning holiday resorts mean that Turkey became one of the most popular overseas destinations for British holidaymakers in 2005 and 2006.
